The Consumer Financial Protection Bureau (CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle. A federal judge rejected a banking industry-backed challenge that argued that the rule’s data collection method was flawed, Reuters reported Monday (Aug. 26). U.S. District Judge Randy Crane in McAllen, Texas, ruled that the challenge
CredibleX and Fracxn partnered to provide small- to medium-sized businesses (SMBs) with access to a variety of financing solutions. With this collaboration, Fracxn’s instant financing solutions for SMBs will be added to the financial solutions offered by CredibleX, the companies said in a Monday (Aug. 5) press release. “Together, we simplify access to financing and
Lenders across major global economies offer embedded lending. However, data suggests that the typical lender that serves consumers or small- to medium-sized businesses (SMBs) has not fully embraced the potential of embedded lending. For example, nearly half of lenders serving SMBs have not entered this space. Roughly 1 in 5 lenders show high interest in
Small business banking platform Rapid Finance has introduced updates to its fraud detection platform Lynx. The platform now has a cloud-based rules engine that lets the company’s enterprise customers create customized risk management rules and outcomes, letting them make informed lending decisions tailored to specific criteria for small- to medium-sized businesses (SMBs). “The cloud-based rules
At a time when every financial decision counts, many small to medium-sized businesses (SMBs) can at least take some comfort knowing there are a wide variety of borrowing tools available if needed. Today’s entrepreneurs can choose from reward-earning credit cards; merchant loans; bank loans; buy now, pay later (BNPL) products; lines of credit and more.